Maruti Suzuki Q3 Results 2026: Profit Hits ₹3,794 Cr; Shares Recover After 5% Crash

It’s Wednesday afternoon, January 28, 2026, and if you’re holding Maruti Suzuki shares, today’s been a bit of a rollercoaster. Between the massive India-EU trade deal signed yesterday and the Q3 numbers that just hit the wires, the market is having a lot of “feelings.” Or nothing.

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The Maruti Q3 Reveal: Field Notes

It’s an ongoing situation where the numbers are good, but they aren’t “beat the estimates” good. Here’s the ground reality:

• The Profit Miss: Maruti just reported a standalone net profit of ₹3,794 crore for the December quarter. That’s up about 4% year-on-year, but and here’s the kicker—it missed the Bloomberg estimate of ₹4,212 crore. The thing is, one-time provisions for the New Labour Codes (about ₹594 crore) took a big bite out of the bottom line. Those too.

• Record Revenue: On the flip side, revenue jumped 29% to ₹49,892 crore. That’s the highest-ever quarterly net sales for them. Let’s be real—the domestic small car market is staging a massive recovery.

• The “EU Effect”: The stock hit an intraday low of ₹14,431 (down over 5%) earlier today. Why? Because the India-EU FTA signed yesterday slashes tariffs on European cars from 110% to 10% over time. Investors are spooked about BMWs and Volkswagens becoming “too affordable.” The thing is, analysts say the threat is overblown since the deal excludes cars priced below ₹25 lakh. Or nothing.

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L&T: The Silent Giant

While Maruti is catching all the headlines, Larsen & Toubro is edging higher ahead of its own results later this evening.

• The Expectation: Analysts are eyeing a profit surge of up to 29% (roughly ₹4,426 crore).

• The Order Book: The thing is, L&T just bagged a massive ₹5,000–10,000 crore order for the Riyadh Metro extension. Those too. It’s an ongoing situation where their infrastructure play is basically a hedge against domestic volatility.

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Q3 Earnings Snapshot (Jan 28, 2026)

And Here’s the Kicker…

Maruti has fallen 10% so far in January. It’s on track for its worst month since 2024. The thing is, while the “Mother of All Deals” with the EU is great for the country, domestic carmakers are suddenly feeling the walls close in. But and here’s the kicker—Maruti is already exporting its first EV, the e-Vitara, to Europe. So, the rerouting might actually work in their favor eventually. Those too.

One side comment—the Nifty Auto index is down nearly 2% overall today. Everyone from M&M to Tata Motors is feeling the “European Fever.” Or nothing.

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End…

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